Mozambique Treasury bills · auction of 28 August 2026
Mozambique T-bill auction, 28 August 2026: 91-day at 12.12%, down 2 bps
At the Treasury bill auction dated 28 August 2026, the Banco de Moçambique cleared the 91-day bill at 12.12% (down 2 basis points) and the 182-day bill at 12.20% (down 2 basis points). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 3.4bn against MZN 3.5bn on offer, 98% of the amount sought, and MZN 3.0bn was accepted.
Over the past year the 91-day rate has ranged from 11.75% to 12.35%.
A year earlier the 91-day bill cleared at 11.79%, so the government is paying 33 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 6,100 in 6 months on the 182-day bill
Put MZN 100,000 into the 182-day bill at this auction and you get back MZN 106,100 after 6 months: MZN 6,100 in interest before any withholding tax, about MZN 1,017 a month.
That is MZN 10 less than the same money would have earned at the previous auction.
For shorter money: MZN 3,030 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Mozambique’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 12.120% | 12.140% | MZN 2.00bn | MZN 2.49bn | MZN 2.00bn |
| 182-day | 12.200% | 12.220% | MZN 1.50bn | MZN 954m | MZN 954m |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 28 August 2026, compiled from the Banco de Moçambique. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2026-08-28
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